PHILIPPINE Telegraph & Telephone Corp. (PT&T) is asking the SEC to reverse its approved capital hike.
In a disclosure to the exchange on Monday, PT&T said its board of directors decided to propose a reversal of the authorized capital increase previously sought to accommodate the conversion of debts to equity under PT&T’s rehabilitation plan.
“Considering the nature of the documentary requirements imposed by the Securities and Exchange Commission (SEC) in converting the debts to equity, PT&T deems it proper to first address the said documentary requirements before implementing any debt-to-equity conversion and increase in its authorized capital,” the company explained.
PT&T said the proposal will not affect the company’s rehabilitation plan.
“The debt-to-equity conversion mandated under the rehabilitation plan will still be implemented by PT&T, but the same will be done in several tranches or every time PT&T completes the documentary requirements imposed by the SEC,” the company said. — Keren Concepcion G. Valmonte